Omega Life Membership Foundation Inc
- Assets
- $7.4m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Washington, DC
- Founding
- 08/1989
- Data as of
- 03/2021
- EIN
- 22-2608127
Organization Overview
Omega Life Membership Foundation Inc is located in Washington, DC. The organization was established in 1989. According to its NTEE Classification (T22) the organization is classified as: Private Independent Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Omega Life Membership Foundation Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 03/2021, Omega Life Membership Foundation Inc generated $1.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $448.8k during the year ending 03/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Omega Life Membership Foundation Inc has awarded 21 individual grants totaling $641,390. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION PROVIDES GRANTS TO NONPROFIT ORGANIZATIONS TO BUILD STRENGTHS OF STUDENTS AND FOCUS ON THE AREAS IN WHICH ACADEMIC DEFICIENCIES MAY BE IMPROVED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES GRANTS TO NONPROFIT ORGANIZATIONS TO BUILD STRENGTHS OF STUDENTS AND FOCUS ON THE AREAS IN WHICH ACADEMIC DEFICIENCIES MAY BE IMPROVED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Beckley Director | Trustee | 2 | $0 |
Albert Benefield Director | Trustee | 2 | $0 |
Anthony U Bostwick Director | Trustee | 2 | $0 |
Michael Boykin Director | Trustee | 2 | $0 |
Kenneth Brown Immediate Pa | Trustee | 2 | $0 |
Gary Clark Asst. Treasu | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,120,861 |
| Investment income | $164,442 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $34,149 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,330,874 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $141,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $51,219 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $6,116 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $166 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,047 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $366 |
| Insurance | $4,451 |
| All other expenses | $0 |
| Total functional expenses | $448,814 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $706,176 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $6,644,004 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,350,180 |
| Accounts payable and accrued expenses | $9,999 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $9,999 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $7,340,181 |
Grants Awarded
Over the last fiscal year, Omega Life Membership Foundation Inc has awarded $31,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
OMEGA PSI PHI FRATERNITY INC PURPOSE: LEADERSHIP DEVELOPME | $21,000 |
ASALH PURPOSE: COMMUNITY DEVELOPMEN | $10,000 |